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Indices hover at elevated levels
Mon, 18 Nov 01:30 pm

Backed by strong buying sentiment, Indian share markets continued to trade at stratospheric levels in the post-noon trading session. All the sectoral indices are trading in the green with capital goods, banking and FMCG stocks being the biggest gainers.

BSE-Sensex is up 350 points and NSE-Nifty is trading 99 points up. BSE Mid Cap is trading up 1.1% and BSE Small Cap index is trading up 0.8%. The rupee is trading at 62.6 to the US dollar.

Mining stocks are trading mixed with Manganese Ore Industries Ltd (MOIL) and Hindustan Zinc being the biggest gainers whereas Sesa Sterlite and Ashapura Minechem are among the major losers. As per a leading financial daily, Coal India Ltd (CIL) has raised the charges for transporting coal from minefields to loading points in light of the rising diesel prices. CIL had last effected a significant hike in transport charges in 2009. In addition to higher fuel prices, there has also been an increase in salaries and wages of employees and contract employees engaged in coal transportation. According to the revised price schedule, the transportation cost for 3-10 km has been raised by Rs 13 to Rs 57 per tonne resulting in a 29.5% increase. For distances of 10-20 km, the surface transport charges have been increased by 51% to Rs 116 per tonne. This price-hike is expected to raise the fuel cost for power producers. CIL stock is currently trading down by 0.3%.

Indian pharma stocks are trading in green with Elder pharma and Torrent pharma being the leading gainers. As per the financial daily, Ranbaxy laboratories, is planning to supply medicines in Japan from its Indian facilities. The company is looking forward to get approvals from regulatory agency in Japan. Reportedly, the step is in line with hybrid model between Ranbaxy and its parent company Dacihii Sankyo. Daiichi Sankyo Espha will be the vehicle to introduce generic products in Japan, through a joint team set up for development, sales and distribution. This will be a positive development for the company, if it gets clearance from Japan drug regulators. The presence of Daiichi Sankyo in Japan, will help in better the sales in this geography. Ranbaxy is currently trading up by 2.5%.

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